Wright Services, Inc., has $8,200 cash on hand on August 1. The company requires a minimum cash balance of $7,000. August cash collections are $548,350. Total cash payments for August are $580,510. Prepare a cash budget for August. How much cash, if any, will Wright need to borrow by the end of August? Complete the cash budget below. (Use parentheses or a minus sign for negative ending cash balances or deficiencies.) Wright Services, Inc. Combined Cash Budget For the Month Ended August 31 Beginning cash balance Plus Cash collections Total cash available Less: Cash payments Ending cash balance before financing Minimum cash balance desired Cash excess (deficiency) ..! Ahmed Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $892,000 in October $962,000 in November. $1.055,000 in December, and $930,000 in January, Ahmed's sales are 25% cash and 75% credit. The company's collection history indicates that credit sales are collected as follows: 20% in the month of the sale 70% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales, 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar a Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit salos Ahmed Reeds Sales Budget For the Four Months Ended January October November December January Cash sales Credit sales Total sales